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20121201
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Search Results 0 to 25 of about 26 (some duplicates have been removed)
in europe -- but greece -- puts greece as the most corrupt country in europe. >> germany is mulling over whether to try to outlaw a far- right party accused of stirring up anti-immigrant sentiment. minister >> to go formal step toward banning the national democratic party, -- ministers took a formal step toward banning the national democratic party, the npd. some worry that prohibiting the party could backfire. it could drum up sympathy for the far right. >> the ministers are united in their call for a ban on meat npd. they reviewed extensive -- on the npd. they reviewed extensive documentation before making up their mind. >> i never would have thought they were so anti-democratic or anti-semitic. or so oriented towards violence and so unconstitutional. we have been discussing a ban for 12 years. now we have a lot of material to go on, much more than ever before. >> the ministers will seek to the government's support for the ban. one federal interior minister said they have a good case, but he admits there are risks. >> the danger is that these proceedings could give new life to a party
with a daring new plan to save greece. >> welcome back. greece has announced a plan to buy back bonds as part of its effort to reduce its debt load. >> the success of the plan is essential to unlocking the next payment of eight athens, but it is still uncertain whether it will work -- of aid to a thens, but it is still uncertain whether it will work. >> german finance minister wolfgang schaeuble and his french counterpart, pierre moscovici, went in front of parliament. >> things have to move fast. there is no reason to worry. the calculations are realistic. i hope it works. >> there is no plan b. >> the finance ministers brushoff warnings that the programs might not reduce greek debt enough. spain has formally asked for almost 40 billion euros in aid for its troubled banking sector. >> a strong indication that we have been successful in stabilizing the eurozone. spain now leads -- need less than originally assumed. the situation has improved. >> another trouble spot is cyprus. the country needs a bailout of between 10 billion euros and 17 billion euros. officials are waiting for our report on
for greece's rural population. >> but first, here are some other stories making headlines. thousands of sunni muslims are continuing their protests against the iraqi government, demanding the resignation of the prime minister, accusing him of sectarian politics. that's after bodyguards of the sunni finance minister were arrested on terrorism charges last week. >> the president of the central african republic has appealed to france and the u.s. for help against a rebel coalition that has vowed to topple his government. france has declined to intervene against the rebels who have already taken several towns and are now advancing on the capital. >> heavy snow has paralyzed large parts of eastern canada. in montreal, traffic came to a virtual standstill. police are telling people to stay at home, as some areas are expected to receive almost half a year of additional snow. well, we are going to a short break. after we come back, we will look at europe's crisis year 2012. >> we will find out how it will be a year to forget for one of germany's top swimmers. stay with us. >> welcome back. in just th
, european finance ministers have said yes to releasing more aid to greece. in a 50 billion euros were freed up on thursday for athens -- >> the 50 billion euros were freed up on thursday for athens. >> there are some who believe it is nothing more than a band-aid. >> emotions spilled over as workers tried to storm a meeting between greek and german officials today are angry over layoffs that are part of broad austerity measures. greeks see the reason to believe next year will be any better. >> they may receive the tranche, but it would be spent in a few months. we will soon be asking for more money. i don't see how that will help the economy. >> one minister remains hopeful, consulting with his counterparts on how to get the economy back on its feet. >> we want to work together to organize a support fund to promote economic growth in greece. >> but that would require attracting private investors. to do that, greece must first settle it unpaid bills. >> of the 9 billion euros that greece still owes, we will pay back everything by 2013 in accordance with the troika deal. >> so, for now, greek
. >> thanks for joining us. another moment of truth for athens -- when greece finds out weather its author -- offer to repurchase debt from private investors has paid off. that will help trigger the release of more rescue funds that greece so desperately needs to stay afloat. >> athens has offered to pay 10 billion euros to holders of its sovereign debt at a buyback value of up to 40 cents per euro. to be successful, the sale has to cut a greek national debt by 20 billion euros. news from athens made investors nervous this friday. our correspondence sent us this report from the frankfurt stock exchange. >> the suspense on the stock trading floor that weather or not the creditors of greece would take part in the debt buyback was too much for many investors. they decided to take some of the book's profits and sell shares. shares of deutsche telekom were the biggest dax losers. in order to invest money into new technologies such as broadband networks, they decided to cut the dividend for investors. now, many people here fear that this is something that more companies might do also next year,
with stefan pedrazzi about whether he believes there are any reasons to be optimistic about greece. >>> and whether volatility triggered by uncertainty over the fiscal cliff should be hear to stay. the fiscal cliff seems to be here to stay, at least. house speaker john boehner has scrapped the deal on plan b. boehner conceded last night he didn't have enough support from republicans to pass the bill which would raise taxes on households making more than $1 is million a year. the house is now in recess until the end of the year. the white house says the president's main priority now is to ensure taxes goes go up for 98% of americans and 97% of small businesses. for more on the tax, we're joined. talk about the cliff. you wake up to the news this morning. what do you make of it? what do you do now? >> i guess what's happening is there is more idealogical battling going on in the republican party than maybe was obvious a little while ago. our baseline view is they will strike a deal either down to the wire or early next year. growth next year will be quite weak. it has to be said that
in brussels until thursday. >> greece's international lenders say the deeply indebted nation deserves to keep getting funds for a bailout, but they continue to warn that there are very large risks that the greek economy could eventually collapse. >> the report from the european commission and european central bank comes as athens receives a long overdue installment of over 34 billion euros international aid on monday. lenders are concerned about growing political resistance to implement needed reforms. public-sector workers are calling for strikes on wednesday to protest. and the international monetary fund, which is also part of the troika of lenders to greece, has released 890 million euros in fresh bailout funds to ireland. the imf says the country is making good progress under its own two-year rescue program. >> ireland is proceeding with reforms to lower its deficit in spite of a slowdown in economic growth. the imf expects ireland's deficit to come under targets. in spite of calls to boost social spending in response to high unemployment. ireland's budget for next year and to reduce its
♪ ♪ ♪ ♪ imus in the morning ♪ >> you won't believe how bad things are in greece, but believe this, they are getting their bailout money. it came through today. good morning, everyone, 50 billion dollars flowing into greece. it will never be repaid. new figures show the country in a deep depression. 11 million people owe a half trillion dollars. back home, speaker boehner and president obama are a little closer to a deal and both have given some ground on taxes and spending. the markets like it. right now john boehner is trying to sell it to his party. across the country, record gun sales over the weekend. "varney & company" about to begin. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >> we have breaking news right now on the debate within the republican party about the fiscal cliff deal. rich edson has what, what is being discussed here, what is the latest, rich? >> a plan b on
to talk about greece or not, whether i want to dive straight into the banking union and what chance have we possibly got of getting agreement. >> let's talk about greece, much more fun. no, greece we have to get out of the way. is the debt by back program going to be successful, everyone nds it will. we know that's the one little lynchpin on which everything else rests. so if it's not, the money will not flow, but everybody insists as when he headed into the euro group meeting yesterday that it will be successful. that's also what what we hear from the greeks. there's a bit of arm fwising, but it will probably go through. and then lo and behold ahead of the actual summit in the morning, they can sign up the check for the next greek installment also we hope. we're also closer to a little rescue package for cypress. spanish aid package for the banks is on track. so that was the working list last night. another thing on the to-do list. the head of the euro group confirmed last night that, no, i will not extend anything now, i will definitely leave as head of the euro group at the end of thi
. there is no argument there as there wasn't for greece. we know the countries, italy, greece is in a crisis and it's a crisis due to lack of competitiveness. going back to the currency, under the currency they create a wave of all sorts of problems including inflation and i think it is not a good route. >> well, i do rather agree with paula on this one. the problem with the euro is it gives you easy and quick solutions. and we're going to keep developing your currency. as you go back to the old days where you keep lowering your currency and you pay relatively high rates on your debt. so the appeal of the euro in the beginning was, oh, chief debt. it looked like christmas. now we're discovering that that regime, a ten-year regime where many peripheral countries got hammered. only germany sort of really held it together. now we have to look at how to undo this. for countries who have no ambition about their future, then maybe the policy is the way to go. italy had so many things going for it that falling back, that seems almost -- >> how about the service in the g-7. >> italy is two countries. it's
reached on the banking up. it's integrity is good for the agreement and as we focus on greece today, conditions are in place to disburse the next tranche of aid to greece totalling 43 billion euros. >>> over to japan, voters are heading to the poll on sunday. the major indicators suggest a win for the opposition party. the local media says there is still a large pool of undecided japanese voters. kari enjoji has more on this report from tokyo. >> reporter: 12 parties, some less than a month ole are fielding 1,504 candidates. but instead of being slow for choice, voters say i just don't know. polls suggest the prime minister's democratic party is unraveling, hinting that many first-time politicians that swept the party to a victory three years ago could be wiped out. >> it's quite possible that the cpj will sink from neing first or second but possibly to even third parties in japanese politics. >> the dpj's handling of the fukushima disaster and undelivered economic promises have alien ated many voters. if the liberal democratic party wins, shinzo abi could with the newest restoratio
, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is going to be passed in the next two weeks. >> maybe a buying opportunity there. i won't quite put the
, not only of traders -- if traders and investors look at greece today are watching the problems in italy. the news that mario monti will step down really dragged down the mood. >> let's take a quick look at some market numbers. the dax closed just a tad out at 7530. the euro stoxx 50 ended the day almost 1/4 of 1% down. across the atlantic, the dow jones is currently going up just a tad. the euro is trading for 1.2934. >> 7.2 magnitude earthquake has struck off the coast of indonesia. reports saying it hit off shore of -- about 200 kilometers northwest of those islands. >> no tsunami warning has been issued. the usgs said the quake was reported at a depth of 158 kilometers. indonesia's's position within the ring of fire makes it prone to it -- indonesia's position within the ring of fire makes it prone to earthquakes. travelers have another nasty surprise waiting for them this morning -- and announced -- an unannounced strike by security workers. that caused several flights to be cancelled. >> frankfurt was particularly hard hit. today's strike complicated cleanup efforts from a recent b
, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's having to borrow more and more money, october figures were around 2.6 billion pounds more in borrowing than analysts expected. having to borrow more because tax receipts and corporations are falling. the labor party -- i was speaking to rachel reeves earlier on,
of a break-up, notably let by a greece exit were too high, higher than keeping greece in. >> and who were some of the past winners? what in your point of view is the most important criteria for picking person of the year? what is this supposed to represent? >> it's an important contribution to innovation. we've had receive jobs, for example, as person of the year. we earlier, five years ago, we had picked shawn claude trichet, the then president of the european central bank because he led the central bank response in 2001. so i think it's someone who has made a decisive, positive contribution to economic policy, public policy and that is probably why we wouldn't choose the north korean lead, who just let up a north korean missile this week. >> are there any regrets over choosing trichet now? >> i don't think so. he played an important role. we think mr. draghi has been somewhat bolder in his approach, notably through the money transactions which are designed to intervene in the bond market to reduce spreads where, in effect, speculators are betting on a break up of the eurozone, which is
can think of is greece. host: what does it mean for the pentagon? guest: greece used to be one of the only three non-u.s. countries in nato that was spending 2% of gdp on national security. they are now below that because they cannot afford it. host: democratic caller, new jersey. caller: i am a retired attorney colonel. i've done a lot of research on the federal budget. whenever we start talking about entitlements, and relating it to the annual budget deficit, we're making a mistake. it has no part today in a problem. the spending increases for the war and other things that we basically did not fund, the huge loss in employment in 2007 and 2008 where people stopped paying taxes and started drawing welfare, and number three, we have the tax cuts, the bush tax cuts and the obama tax cuts which have severely reduced the amount of revenue. the tax burden on americans from the federal government today is an 80-year low. we cannot fund the government with the revenues and loss in jobs that we have. host: cbo has done a study. including all parts of the tax cuts, and you have sequest
at the currency and isolation. >> steven, stay there. selling 1.3 billion euros in three-month t-bills for greece. the bid to cover ratio, 1.73%. this allocation did include a 30% noncompetitive tranche. in other central bank news, it's been quite a busy day on that front. the central bank says use the repo rate holing at this level in the coming year warning the recovery is taking its toll on the economy. >>> and in australia, the rba eps's decision to lower rates appears to find a close one. central banks included keeping the rates on hold. still, policymakers were more concerned by more than expected slowdown in mining and investment. and japan's prime minister elect has told the country's central bank to consider adopt ago 2% inflation target. shinzo abe made the claim today. the bank is expected to cut borrowing costs at its rate setting meeting this week. steven, in light of all of this news, kind of goes back to the point that we were just making, that are a lot of central banks trying to use interest rates effectively as a way to depress the value of their currency even though we're seein
can be a bit less worried about greece next year than we can be this year, for example, as well as in spain the government is considering a variety of reform efforts. indeed, despite the exchange in governments we had this year, it's the french deposit. when we look at it in aggregate, i think the tailwinds are starting to overcome the headwinds. the headwinds are still going to be there. the fiscal one is very important. there are still going to be risks on the european side. there's still the geopolitics which, of course, we can't ignore here. but in aggregate, i think those tailwinds are starting to get more traction and that's particularly becoming true in the u.s. housing market. >> what's interesting to that point is that we're coming to a year where even some of those concern are going away. central banks are starting to get extraordinarily accommodative. i wonder if their measures haven't been too back end loaded. certainly when you look at japan, it has pursued cycles earlier and had more impact. what about the sense ta whether it's the fed, whether it's the bank of jap
the united states in the 1930's and is characterized greece today. the program of 375 billion pounds is 0.25 of an annual nominal gdp flow. a lot of money. bront money is now expanding at over 5% and we will see the impact of that on demand later in 2013. the second action the bank has taken to provide a breathing space before these broad macroeconomic factors feedthrough is to introduce what we call a funding for lending scheme. a special scheme started on the first of august under which the bank of england, with the garden -- guarantee of the governor because this is a cause i-fiscal action, would provide four-year financing for banks to enable them to increase lending to the real economy or at the least, to contract lending to the real economy by less than they would otherwise have done. we will lend to banks according to how much they are expanding their own net lending to the real economy and the more they expand their net lending, the lower the interest rate which will charge on loans to them. there is a powerful financial incentive built into this funding for lending scheme to pers
Search Results 0 to 25 of about 26 (some duplicates have been removed)